HomeMy WebLinkAbout03-01-22 - Downtown Urban Renewal District Board - Minutes
Downtown Urban Renewal District
Board Meeting Minutes
March 1, 2022
Attending: Bobby Bear, Emily Cope, David Fine, Cory Lawrence, Marley McKenna, Tony
Renslow, Ellie Staley, Nicholas Wickes, Nick Zelver
Absent: Angie Rutherford
Discussion Items
Fire Station 1- Create Workforce Housing
Marley McKenna recused herself from this item and logged off the meeting.
David Fine presented the request from City of Bozeman to Downtown Urban Renewal Board for
approval of Resolution 2022-01. He stated that the COB values the role and opinion of the URD
Board. Resolution 2022-01 would be used to incentivize the redevelopment of the Fire Station 1
with workforce housing by having the Downtown Urban Renewal District designate such a
project as an Urban Renewal Project and offering a financial incentive of up to $1,600,000 for
proposed projects that contain at least 50 units of workforce housing. The Resolution defined
workforce housing as housing that is affordable to housing holds make 120% AMI or less. The
URD would pay the proposed incentive at the time the Project obtains a Certificate of
Occupancy to ensure the project is completed, thereby mitigating the risk to urban renewal
funds and ensuring the creation of new taxable value by the project. The stated $1.6 million was
suggested to be taken out of existing cash reserves. Cory Lawrence stated he was happy that
additional information was provided for this meeting but the approach to this situation he was
not impressed with. He confirmed that the property could sell for no less than 90% of fair market
value and asked questions of where else work force housing is being developed in the city.
Bobby Bear confirmed that TIF funds could be used for this project, David recited from MCA 7-
15-4288 that funds may be used. The applicant stated that the proforma that was provided to
the board was from November 2021 and they were currently updating the proforma after the
Transportation Board allotted six spaces in the Rouse surface lot for this development, and with
updated construction costs. The board expressed concern that the latest proforma was not
made available for the meeting. Nick Zelver asked if there was a tight timeline to sell Fire Station
1. David answered that the city is needing the sell the property by summer. Some board
members expressed interest in this project but had concerns of the quick timeline, other
priorities of the URD work plan, and lack of current information.
Motion to pass Resolution 2022-01 to fund $1.6 million towards the redevelopment of Fire
Station one.
Tony Renslow: Motion
Cory Lawrence: 2nd
Approve:
Bobby Bear
Nick Zelver
Disapprove:
Cory Lawrence
Tony Renslow
Nicholas Wickes is a non-voting member.
Motion fails due to tie vote.
Meeting was adjourned at 1:30 pm